Wednesday, December 15, 2010
Mamee Double Decker (5282)
Tuesday, December 14, 2010
MAMEE
Mamee enters fruit juice drink market |
Written by Kathleen Tan |
Tuesday, 14 December 2010 15:25 |
Snack maker marketing new drink as lifestyle brand with link to Brazil |
Friday, December 10, 2010
Hunza braces for transformation
Hunza braces for transformation
From Malaysian forum SSC
THE completion of a lifestyle shopping mall along with an office tower by 2012 is set to transform Hunza Properties Bhd (HPB) (5018) from a property developer to that of a real estate landlord.
The Penang-based company, which is due to announce two new anchor tenants for its Gurney Paragon retail development next week, has no plans to sell the mall.
"We will instead hold and manage this mall. We believe that the consistent income stream from the mall will enable the group to have a strong base of recurring income," HPB executive chairman Datuk Khor Teng Tong told reporters after a shareholders' meeting yesterday.
Apart from the 8-storey mall and 10-storey office block, Khor said the project's 700,000 sq ft net lettable area will include a podium, along with the sea-fronting former St Joseph's Novitiate building in Pulau Tikus.
St Joseph's Novitiate and a chapel inside is a heritage building on the grounds of the project, which is bordered to the north by Gurney Drive and south by Kelawai Road.
The 94-year-old building, which is touted by many as a heritage masterpiece and is being conserved by HPB, is set to be transformed to a space which will house boutique retailers and restaurants.
HPB bought the 4ha freehold site in 2004 for an integrated project which will include two condominium blocks with a development value of RM450 million.
The residential component of the project, which boasts an average RM700 per sq ft, is currently 85 per cent completed and the company expects to have vacant possession by April next year.
Khor yesterday announced that HPB had recorded its highest ever net profit of RM50.9 million for the 2010 fiscal year ended June 30. This compared with RM27.6 million in 2009.
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Nice move.
Wednesday, December 8, 2010
Space for smaller property players
Space for smaller property players |
Written by Chua Sue-Ann |
Wednesday, 08 December 2010 11:57 |
The recently announced mergers of six big property developers to create three enlarged entities will invariably change the Malaysian property scene.
In November, the property industry was jolted by the news of three proposed mergers as developers race to become bigger.
UEM Land Holdings Bhd got the ball rolling with the proposed takeover of Sunrise Bhd. With a combined market capitalisation of nearly RM10 billion and a landbank of over 12,000 acres, it will create the country’s largest property company by market capitalisation.
Shortly after, IJM Land Bhd and Malaysian Resources Corp Bhd (MRCB) announced plans for a marriage that will make the new entity the second largest, with a market capitalisation of about RM7.2 billion and over 9,000 acres of land.
Then Sunway Group’s Tan Sri Jeffrey Cheah and his daughter Sarena proposed to merge Sunway Holdings Bhd and Sunway City Bhd into a single entity, which will have a market capitalisation of RM3.3 billion and over 2,000 acres of land.
Being big has its advantages, as the players in the three merger exercises note. They include access to cheaper funding, increased investor interest and better economies of scale.
In the old landscape, two large players — S P Setia Bhd and UEM Land — stood out among many mid-tier companies. Even then, only S P Setia managed to garner substantial foreign investor interest, fetching premium valuations. By comparison, most property stocks traded below book value.
With the changing landscape, there will be four large players — UEM Land-Sunrise (market cap: RM10 billion), IJM Land-MRCB (RM7.2 billion), S P Setia (RM5.2 billion) and the merged Sunway (RM3.5 billion).
The three largest players will have price-to-book ratios of over two times, and price-to-earnings ratios of well over 20 times, which could set a new benchmark pricing for the sector.
Can the smaller players still hold their own and occupy strategic niches in the market post-merger?
Eric Chan, executive director of Eastern & Oriental Bhd (E&O), said there will still be a need for small property developers with a strong brand.
“There is definitely room for smaller, niche players. We can move faster, we have less red tape to deal with, we can have faster turnaround for our projects,” said Datuk Fateh Iskandar Mohamed Mansor, Glomac Bhd’s group managing director and CEO .
Tan Sri Leong Hoy Kum, Mah Sing Bhd’s managing director and group chief executive, said, despite the bigger merged entities’ stronger balance sheets there would still be room for niche players with a focus on their own strengths.
With a market capitalisation of RM1.5 billion, Mah Sing will rank among the top ten largest developers in the new pecking order. E&O and Glomac have smaller market capitalisation of RM940.6 million and RM505.2 million, respectively.
Interestingly, all three companies have also evolved into their current form from quite different entities, either through mergers and acquisitions, or diversification exercises.
Within the last decade, Mah Sing has evolved from being a successful plastics manufacturing company into a far more successful property developer, led by Leong, its entrepreneurial CEO and founder.
Meanwhile, E&O has a corporate history as colourful as the hotel it is named after, and is no stranger to mergers and acquisitions.
Helmed by low-profile businessman Datuk Terry Tham Ka Hon, E&O most recently conducted a Sunway-like merger exercise in 2008. Back then, E&O privatised its listed subsidiary, E&O Property Development Bhd (E&O Prop) into a single larger entity. That wasn’t the first privatisation attempt — a general offer exercise in 2005 saw E&O increasing its stake in E&O Prop, but not enough to privatise the company.
Glomac was listed in 2000, but its history started in 1988 when two entrepreneurs, Tan Sri FD Mansor and Datuk Richard Fong, joined forces to start a property development company.
Today, Glomac is recognised as a successful niche developer with a landbank of 900 acres. It continues to be run by the two founders, together with FD Mansor’s son, managing director Fateh. Glomac also holds the distinction of having sold the most expensive office space in downtown Kuala Lumpur. Menara Glomac, next to the KLCC Petronas twin towers, was sold for a record RM1,120 psf at the end of 2007, just before the financial crisis.
This article appeared in The Edge Financial Daily, December 8, 2010.
Monday, December 6, 2010
Leader and Mahsing
Tuesday, November 23, 2010
Mahsing..another landbanking activity
Mah Sing buys land for RM157.3m
Uptrend Housing Development Sdn Bhd, a wholly-owned unit of Mah Sing Group Bhd, has acquired 24.41 hectares of freehold land in Batu Feringgi, Penang, for RM157.3 million in cash.
In a statement here today, Mah Sing said the land would be developed into a resort-style project named, Feringgi Residence@Penang, with an estimated gross development value of RM800 million. - Bernama
Sunday, November 21, 2010
HUNZA Property
Saturday, November 20, 2010
Latest Portfolio
Monday, February 22, 2010
Mah Sing may gear up RM1b war chest
Published: 2010/02/22
“We believe that developers like us with sufficient cash and a healthy balance sheet will continue to grow stronger,” Leong said, in a statement accompanying the company’s fourth-quarter results.
Mah Sing had RM400 million in cash and zero net gearing at the end of December. “Should we gear up to 0.5 times, we can build a war chest of approximately 1 billion ringgit to purchase good prime land that suits our business model,” Leong said in the statement. -- Bloomberg
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Company Name MAH SING GROUP BERHAD Stock Name MAHSING Date Announced 22/02/2010 Type Announcement Subject MAH SING GROUP BERHAD (“MAH SING” OR “COMPANY”)
PROPOSED BONUS ISSUE OF UP TO 151,283,859 NEW ORDINARY
SHARES OF RM0.50 EACH IN MAH SING (“MAH SING SHARE(S)”),
TO BE CREDITED AS FULLY PAID-UP, ON THE BASIS OF ONE (1)
NEW MAH SING SHARE FOR EVERY FIVE (5) EXISTING MAH SING
SHARES HELD, ON AN ENTITLEMENT DATE TO BE DETERMINED
AND ANNOUNCED LATER (“PROPOSED BONUS
ISSUE”)Contents Further to the announcement dated 28 October 2009, HwangDBS
Investment Bank Berhad, on behalf of the Board of Directors of
Mah Sing, wishes to announce that the listing application to Bursa
Malaysia Securities Berhad for the Proposed Bonus Issue has been
submitted today.
This announcement is dated 22 February 2010.